Transocean 3rd-period net up 81% on 35% higher revenue

RobertDaniel

NEW YORK (MarketWatch) -- Transocean Inc.,
RIG, +3.91%
the Houston offshore-drilling contractor, reported third-quarter net income rose 81% on 35% higher revenue. Profit reached $309 million, or 96 cents a share, from $170.4 million, or 50 cents, in the year-earlier period. Shares outstanding fell 5.1% to 323.4 million. The latest profit also included a 13-cent gain on the sale of two drilling rigs. Revenue rose to $1.03 billion from $762.6 million. A survey of analysts by Thomson First Call produced consensus estimates of 71 cents a share of profit on $987 million of revenue. The revenue growth came on the back of higher average day rates and improved utilization on a number of rigs, Transocean said.

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